Monzo attracts most account ‘switchers’

May 01, 2020 | Banking

Written by FinTech Alliance

Monzo attracts most account ‘switchers’

In the last three months of 2019, Monzo gained more customers than any other bank.

In Brief:

  • The figures come from the Current Account Switch Service.

  • It’s the first time Monzo has topped this list.

  • It attracted 23,721 new customers between October and December and only lost 2,878 to other banks.

What does this mean?

Monzo is gaining customers form high street rivals, and this is only set to increase as people are unable to visit branches following the Covid-19 outbreak, leading to an increased uptake in mobile-first solution. Nucoro research has shown that six million people have downloaded their bank’s app since the crisis hit.

Read more here.

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